Implementing a corporate bond portfolio: lessons learned at the NBP

Juliusz Jabłecki and Magdalena Zielińska

Over the past two decades, the foreign exchange reserves portfolio of the Narodowy Bank Polski (NBP) has grown roughly in line with the growth in global reserve assets. By the end of October 2018, FX reserves – assets denominated in foreign currencies, mainly in the form of securities, deposits and repo/reverse repo transactions – had reached the equivalent of $105.3 billion, about 20% of GDP, securing Poland’s position among the 20 largest global reserves holders (see Figure 2.1).

However, with virtually no FX interventions and a floating exchange rate, the key factor driving reserves

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